President Donald Trump has said the U.S. Commodity Futures Trading Commission (CFTC) is working on a pathway to bring Hyperliquid, a major blockchain-based derivatives trading platform, into the United States.
Speaking at a White House meeting with cryptocurrency and technology executives, Trump said CFTC Chairman Michael Selig was working to bring Hyperliquid into the country “in a fully compliant and legal fashion.”
The comments could mark a significant development for Hyperliquid, whose platform currently restricts U.S. users. The exchange has become one of the most prominent venues for trading perpetual futures, a type of derivative contract that allows traders to speculate on asset prices without an expiration date.
Trump’s remarks do not represent regulatory approval for Hyperliquid. Rather, they indicate that U.S. regulators are exploring a way for the platform and its on-chain markets to operate within the country’s regulatory framework.
The prospect of a U.S. market entry immediately attracted attention from investors. Hyperliquid’s native HYPE token jumped sharply following Trump’s comments, with reports putting the initial gain at more than 10% and later moves significantly higher.
The development comes as the Trump administration pushes for a more crypto-friendly regulatory environment in the United States. Trump also urged Congress during the White House meeting to advance the CLARITY Act, which seeks to establish clearer regulatory boundaries for digital assets and determine the roles of the SEC and CFTC.
For Hyperliquid, gaining access to the U.S. market would be a major expansion. It would also represent an important test of whether decentralized, blockchain-based trading platforms can operate within America’s existing financial regulatory system.
The CFTC has already been exploring how on-chain derivatives markets could fit into U.S. regulation, while traditional exchanges have raised concerns about issues including market manipulation and regulatory oversight.
If regulators eventually establish a compliant pathway for Hyperliquid, the implications could extend beyond one platform. It could open the door for other blockchain-based financial markets to seek regulated access to U.S. investors.
For now, however, Hyperliquid’s U.S. expansion remains a regulatory effort rather than an approved launch. The next major step will be determining exactly what structure and requirements the CFTC would impose on the platform.
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